IMPAIRMENT OF ASSETS:

12 Months Ended

Apr. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

(16)

IMPAIRMENT OF ASSETS:

Real Estate – During 2015 and 2014, the Company’s real estate business recorded impairment charges as a result of current appraisals that showed deterioration in the fair market values of certain properties from the prior year and the impairment charges were included in results of operations for the applicable year. During 2015, certain real estate with carrying amounts of $5,296,000 was written down to its fair value of $3,515,000, less estimated selling costs, resulting in an impairment charge of $1,809,000. During 2014, certain real estate with carrying amounts of $2,758,000 was written down to its fair value of $2,082,000, less estimated selling costs, resulting in an impairment charge of $686,000. In both years, the impairment charges were primarily related to take-back lots reacquired in prior years that initially were recorded at fair market value less estimated costs to sell and are subsequently measured at the lower of cost or fair market value less estimated costs to sell.

Fulfillment Services – During 2015, the Company’s Fulfillment Services business recognized a $771,000 impairment charge relating to the discontinuance of the development of certain software. The impairment charge included previously capitalized software costs, internal labor costs and third party consulting costs.